Faraday’s future Intelligent Electric announced Monday that it has signed a deal to raise up to $350 million as the electric car startup plans to launch its FF 91 luxury car.
The company said the funding from the Yorkville affiliate of Advisors Global, with an initial commitment of $200 million, gives it the financial flexibility to help begin production and deliver its vehicle to customers.
Faraday Future settled a governance dispute in September and collected $100 million after claiming a “disinformation campaign” and threats against some board members affected his fundraising efforts.
Shareholders approved the reverse stock split proposal last week after the company received a notice from the Nasdaq stock market that it had not maintained a minimum offer price of at least $1 per share for 30 consecutive sessions.
https://www.autonews.com/automakers-suppliers/ev-startup-signs-deal-raise-350-million
